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The following is the Frederick Company's adjusted Trial Balance. Frederick Company Adjusted Trial Balance December 31,...

The following is the Frederick Company's adjusted Trial Balance.

Frederick Company

Adjusted Trial Balance

December 31, 2018

Account Title

Debit

Credit

Cash

$85,150

Accounts Receivable

229,140

Supplies

16,955

Equipment

395,285

Accumulated Depreciation

$221,260

Accounts Payable

74,235

Capital Stock

220,000

Retained Earnings

101,145

Service Revenue

893,105

Interest Income

1,500

Dividends

2,000

Rent Expense

58,500

Wages Expense

527,260

Supplies Expense

42,520

Utilities Expense

8,595

Depreciation Expense

145,840

________

     Totals

$1,522,565

$1,522,565

Use this information to prepare the Balance Sheet for the fiscal year. There are additional lines in the formatted Balance Sheet form to allow for authorized alternate presentations. Hint: you must close out temporary accounts to arrive at adjusted retained earnings balance.

Question 13 (7 points)

A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal):

Accounts payable $48,500, Accounts receivable $52,500, Capital stock $100,000, Cash $55,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $4,400, Inventory $32,000, Note payable $15,000, Prepaid expenses $3,400, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. The note payable balance is due in nine months. How much is Charlie's current ratio? (Round your answer to two decimal places.)

Solutions

Expert Solution

Workings for Balance Sheet of Frederick Co:

Balance sheet of Frederick Co:

Balance Sheet of Frederick Co:

Answer to Question 13:

ekkarill92 answered 1 year ago
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